Kaman Corp. (NYSE:KAMN, Financial) announced today that it received an order under Option 15 of its Joint Programmable Fuze (JPF) contract with the U.S. Air Force (USAF). This order has an expected value of approximately $57.3 million for the procurement of JPFs for 25 foreign militaries.
"We have successfully completed our negotiations for Options 15 and 16 of our JPF contract with the U.S. Government. This order under Option 15 will add $57.3 million to backlog with deliveries expected to begin in 2021. The JPF continues to provide high levels of reliability and mission flexibility all while supporting a broad range of aircraft and munitions technologies. Over the last few years we have worked hard to increase our production capacity while maintaining our high level of quality and look forward to continuing to support U.S. Government requirements, while pursuing additional foreign opportunities," stated Richard Barnhart, President, Kaman Aerospace Group.
Kaman has been the sole provider of the JPF to the USAF since 2002. In addition to the USAF, Kaman provides the JPF to forty other nations. The JPF allows the settings of a weapon to be programmed on wing in flight and is qualified for use on a number of weapons including general purpose bombs, and guided bombs that use JDAM or Paveway kits, on U.S. aircraft such as F-15, F-16, F-22, F-35, A-10, B-1, B-2, B-52 and the MQ-9 UAV as well as on international aircraft such as Mirage 3 and Gripen. Kaman produces the JPF at facilities in Orlando, Florida, and Middletown, Connecticut.
Risks Associated with Forward-Looking Statements
This release includes "forward looking statements" relating to the expected value and timing of the JPF contract discussed above. These statements are based on assumptions currently believed to be valid but involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements. Important uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacture and support of our K-MAX manned and unmanned medium-to-heavy lift helicopters. More information is available at www.kaman.com
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